Assignment

On
Opportunities and Challenges of Blue Economy in
Bangladesh

Submitted By: Submitted To:

Most Fatema Akter Mim Vikarun Nessa
ID:2311229 Lecturer

Course Details:
Course Name: Reading and Composition
Course Code: ENG102
Section: 18
 The door to endless possibilities: Blue Economy

The blue economy is a term used to describe the economic activities associated with the ocean
& seas. Apart from a 710 km protracted coastline, the Bay of Bengal has 200 Nautical Miles of a
lucrative economic zone. Consequently, Bangladesh has a bright future as an ocean economy due
to its abundant marine resources. (Khairul et al., 2018)

Bangladesh has a range of improvements in the Blue Economy field. For example- 1. Marine
Fisheries and Aquaculture; 2. Marine Biotechnology; 3. Marine Non-Traditional Species Culture;
4. Oil, Gas & Minerals Mining; 5. Sea Salt Production; 6. Marine Deal; 7. Marine Tourism and
so on. Not only proper planning but also perfect execution can bring a huge amount of earnings
for the country. The blue economy of Bangladesh depends on The Bay of Bengal & coastal
region. There is a vast amount of promise in marine fisheries and aquaculture. Tuna fishing at
BoB of the Indian Ocean can bring a huge foreign exchange. Hilsa & Crab fishery is also another
development gateway for our blue economy. Marine Biotechnology is a must for developing
pharmaceutical drugs, products, enzymes, and other things. Thus, marine biotechnology is highly
promising for healthcare & nutritionally balanced food.(Hussain et al., 2017)

The Blue economy also faces some challenges. Overuse of ocean resources, contamination,
climate change & some ecological factors loss the dignity of the ocean ecosystem, and some
ecological factors loss the dignity of the ocean ecosystem and biodiversity. The rules and
regulations are not business-friendly also. Apart from complexity & fragmentation, unnecessary
rules & defined enforcement cause an unsustainable and risky Blue Economy. The stakeholders
are not so much interested in investing in Blue Economy. For human resources and infrastructure
improvement, they must come forward. The restricted infrastructure is another hindrance to the
growth of the Blue Economy. Costal facilities must improve for the betterment of this ocean-
based economy. Skilled manpower is vital in this sector. A more professional, skilled & well-
informed workforce can improve in this regard. Last but not least, the limitation of market access
is an obstacle to competing in the global market. Despite these disadvantages, the blue economy

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has great promises in Bangladesh if the authorities can perform their duties properly. (Youssef,
2023)

Enhancing economic development must be utilized to get worldwide attention. Living and non-
living components of the blue economy are the main things. Authorities should focus on research
and ocean governance. However, policymakers overlook the betterment of the path of a
sustainable blue economy. They can’t realize the immense potential of the Bay of Bengal. Skilled
manpower and proper knowledge must be formulated in the policies. Food production, shipping,
trade, tourism, biodiversity- all these factors are closely related to the development of the blue
economy. Economic development in the blue economy is only possible if familiar with new
technologies. In this way, the Sustainable Development Goals (SDGs) goal can be reached.
(Failler et al., 2021)

A Sustainable Blue economy is a must to achieve SDGs and maintain long-term prosperity. A
vital role can be played by the sustainable blue economy to minimize the loss of climate change
and biodiversity loss (UNDP, 2018). Offshore wind, tidal energy generation, fish farming, and
blue biotechnology like bacteria, and algae- all are important for the betterment of mankind.
Long-term planning and proper implementation can be a blessing for a more sustainable blue
economy.

(Elegbede et al., 2023)

The ocean-based economy named Blue Economy can develop Bangladesh based on its
maritime resources. For the welfare of food certainty, minimizing poverty, physical conditions,
employment & multifariousness blue economy plays a vital role. Settlement of their maritime
boundaries opens the door to endless possibilities. (Rahman, 2017)

(Total words: 608 without references and with references 794)

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References:

1. Islam, M. K., Rahman, M., & Ahmed, Z. (2018). Blue Economy of Bangladesh:
Opportunities and Challenges for Sustainable Development. Advances in Social Sciences
Research Journal, 5(8), 168-170.

https://dspace.iiuc.ac.bd/xmlui/handle/123456789/3331

2. Hussain, M. G., Failler, p., Karim, A. A., & Alam, M.K. (2018). Major opportunities of
blue economy development in Bangladesh. Journal of the Indian Ocean, 14(1), 89-94.

https://www.researchgate.net/publication/
319857406_Major_opportunities_of_blue_economy_development_in_Bangladesh

3. Youssef, M. (2023). Blue Economy Literature Review. International Journal of Business

and Management, 18(3), 15-16

https://doi.org/10.5539/ijbm.v18n3p12

4. Failler, P., Hussain, M. G., Karim, A. A., Alam, M. K., Sarkar, S., Rouf, M. A.,
Sharifuzzaman, S., Hossain, M. M., Nobi, M. N., Das, J., Uddin, S. A., Shemon, W. S., &
Hasan, D. (2021). The future of the blue economy in Bangladesh. Bangladesh Maritime
Journal, 17-19

https://www.researchgate.net/publication/
355668760_The_future_of_the_blue_economy_in_Bangladesh

5. Elegbede, I. O., Akintola, S. L., Jimoh, A., Joloasho, T. L., Oliveira, A., Oladosu, O., &
Moruf, O. (2023). Blue Economy Sustainability. Encyclopedia of Sustainable
Management, 2-3.

http://dx.doi.org/10.1007/978-3-030-02006-4_401-1

6. Rahman, M.R. (2017). Blue Economy and Maritime Cooperation in the Bay of Bengal:
Role of Bangladesh. Procedia Engineering, 194, 359-360.

https://doi.org/10.1016/j.proeng.2017.08.157